NEW YORK, May 11, 2021 /PRNewswire/ --
The "Safes and Vaults Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024" report has been added to Technavio's offering.
The safes and vaults market is poised to grow by USD 2.09 billion between 2020-2024, progressing at a CAGR of over 6% during the forecast period.
The number of prescription drug-related thefts has increased considerably. Drug burglaries involve the theft of drugs, especially opioids, such as oxycodone, morphine, hydrocodone, and other high-strength pain relievers, mostly by medical professionals who intend to gain profits by selling the drugs in the black market. Safe storage of drugs like opioids is heavily promoted by the governing bodies of several countries to prevent illegal use. For instance, controlled drugs and related wastes in Australia must be stored in safes and vaults incorporated with alarms, video monitoring systems, seismic detectors, and locking mechanisms with dual authorization. Moreover, medical marijuana and marijuana-infused products are stored in safes and vaults as per the mandatory rule from The state of Massachusetts in the US. The demand for safes and vaults is increasing to store prescription drugs and other high-value medicines, which in turn, will boost the market growth.
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Over 37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for safes and vaults in APAC. Market growth in this region will be faster than the growth of the market in other geographies. The safes and vaults market growth in this region can be attributed to the increasing installation of ATMs and the establishment of delivery lockers in IT parks and large residential complexes by e-commerce companies.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Safes and Vaults Market in Industrial Machinery Sector
https://www.technavio.com/report/safes-and-vaults-market-industry-analysis
The safes and vaults market is segmented by product (cash management safes, gun safes and vaults, depository safes, vaults and vault doors, and others), end-user (non-banking and banking), and geography (APAC, Europe, MEA, North America, and South America).
To enhance the safety and convenience features of cash management safes, market vendors are integrating advanced technologies and software. The growth of the safes and vaults market in the cash management safes segment can be attributed to the evolving consumer requirements, development of advanced software solutions, and increasing demand for ATM safes. Market growth in this segment will be faster than the growth of the market in the gun safes and vaults, depository safes, and vaults and vault doors segments.
The market is currently fragmented, and the degree of fragmentation will increase during the forecast period. Market vendors are integrating advanced technologies and automated solutions in their products to enhance security and convenience.
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